Well, while there is no denying the fact that the markets are under pressure and now it appears; of our own doing rather than that of the global markets. But as mentioned in my previous rant, that what psyches me off is that with all the problems in the western world, their markets seems to be just doing fine. Today the EU markets have been up, and so were they all through the past few days; with all the problems of sovereign debt pile up, downgrades looming and forced austerity measures.
And here like Allan Donald threw away a certain victory to the Aussies in the World Cup Semi-Finals many years ago, our government is hell bent upon pushing us back to stone age. At this moment, I am neither for nor against FDI in retail. Because nobody knows the real impact on employment, job losses and fate of the petty sellers; but at least project the right posture in front of the world. This “now on, now off” message really irks and puts off any investor, leave alone the ‘goras’ with the bundle of cash.
So there we are again, with markets refusing to inch up, falling like hot knife cutting through butter; these cuts now would really hurt. Technically, I would imagine this would sound like the death grip. Since a reversal pattern so strong on the downside, all daggers are out to kill the upswing, and punters ready to throw money at deep out of money options. So Nifty would see sharp downward momentum and would hurtle towards Pt. 4400 for sure.
As indicated on several occasions, keeping calm, buying the blue chip and shopping for the choicest stocks would be the flavor of the season. The Fall season sale is truly starting. Indulge.
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